Timken price target raised to $85 from $81 at Stifel

Stifel analyst Stanley Elliott raised the firm’s price target on Timken to $85 from $81 and keeps a Buy rating on the shares. In his 2023 outlook note for his Machinery, Construction Materials and Building Products coverage, the analyst stated that he expects "typical late-cycle trends" – including slowness in housing but non-residential accelerating – to unfold and also expects the price/cost environment to generally improve.